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SEC approves new Listing Board and rules for SOEs

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Chairman SEC Faizal Salieh and Director General SEC Chinthaka Mendis

Capital market regulator, the Securities and Exchange Commission of Sri Lanka (SEC), has approved the creation of a separate Listing Board and Listing Rules at the Colombo bourse to facilitate the entry of State-Owned Enterprises (SOEs) to the Capital Market. This is in response to the Government’s policy to expedite reforms in SOEs, improve their overall governance, efficiency, productivity, profitability, and empower them to add greater value to the economy.

These rules were developed under the guidance and direction provided by the SEC to the CSE, and include consultations with and inputs by the SOE Restructuring Unit of the Government and the Auditor General.

The dismal performance of many SOEs in Sri Lanka have become a heavy fiscal burden upon the country with significant macroeconomic implications. Therefore, the SEC believes addressing this issue is crucial in the country’s economic reform process.

The Capital Market is the globally accepted platform for raising long- term capital funds for business entities compared to banks which operate on a business model heavily reliant on short-term customer deposits. It also enables business entities to minimize exposure to interest rate volatility. Further, the Capital Market provides opportunities for businesses to attract strategic and other investors through the listing process.

Most SOEs have relied on Government funding, local and foreign borrowings for expansion and modernization. By listing on the Stock Exchange these enterprises will be able to improve their internal governance, operating efficiencies and attract foreign and local investor capital.

The SEC and the CSE have given due consideration to the current levels of governance, organization structure and operational challenges prevailing in the SOE sector and have therefore created a separate Listing Board and Listing rules with a view to enabling SOEs to progressively transition from what they are now to what they should be. Any SOE that meets the Listing criteria of the Main Board or the Diri Savi Board can straightaway list on those Boards.

The new transitionary Board, when launched, will facilitate those SOEs seeking a listing to do so on a set of new rules which are designed to enable progressive transition from the initial listing Board to the Main Board or Diri Savi Board.

The salient features of the rules applicable to the new Board include a stated capital of not less that Rs. 250 million; revenue, net asset and market capitalization tests; minimum 3 years operating history; time – bound requirements for financial reporting; and a minimum 10% public float with 300 public shareholder requirement. The Corporate Governance requirements under these rules will be the same as those applicable to the Main Board and Diri Savi Board with a view to aligning the internal governance structures and processes of listed SOEs with the standards set in the market.

(CSE)



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Police engagement supports wildlife protection in hill country

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Strengthening conservation through active law enforcement

An awareness and capacity-building program on wildlife crime prevention, with a special focus on the Sri Lankan leopard (Panthera pardus kotiya), was successfully conducted on March 20 at the Dimbula Athletics & Cricket Club, Radella.

The session was organized under the ongoing Multi-Regional Leopard Research and Conservation Project implemented by the Wildlife & Nature Protection Society (WNPS), in collaboration with LOLC. It brought together senior officers representing 28 Police stations across the Nuwara Eliya and Kandy districts, underscoring the growing importance of law enforcement in conservation efforts within multi-use landscapes, a WNPS news release said.

The Central Highlands present a unique conservation challenge, where increasing habitat loss and fragmentation, depletion of natural prey, and use of snares continue to threaten leopards inhabiting these landscapes majority outside formally protected areas. The session therefore focused on strengthening the capacity of Police officers to identify, prevent, and respond to wildlife crimes, while fostering closer coordination with conservation stakeholders, it explained.

Co-Chair of the Wildcats Subcommittee, Prof. Enoka Kudavidanage, highlighted the ecological and economic significance of leopards as apex predators, emphasizing their role in maintaining ecosystem balance and supporting nature-based tourism. She also outlined the current conservation challenges in the Hill Country and presented ongoing interventions under the WNPS–LOLC project.

Dr. Sanjaya Weerakody, Postdoctoral Fellow at the Xishuangbanna Tropical Botanical Garden (XTBG), Chinese Academy of Sciences, shared key research findings on leopard mortality trends over the past 17 years revealing concerning patterns, including the disproportionate loss of mature male individuals and the increasing prevalence of snaring as a primary cause of death highlighting an urgent need for targeted enforcement.

Attorney – at – Law Charaka Jayaratne provided an in-depth overview of the legal provisions under the Fauna and Flora Protection Ordinance, with particular attention to offences related to snaring. He discussed how Police can take more proactive and effective action, identifying gaps in current approaches and suggesting practical measures to strengthen enforcement outcomes.

Adding further perspective, Samantha Gunasekara, former Deputy Director of Customs and Chairman of the Marine Environment Protection Authority (MEPA), spoke on the broader context of illegal wildlife trade in Sri Lanka. Drawing from past cases and recent observations, he highlighted emerging trends and risks associated with wildlife trafficking.

Representing the Department of Wildlife Conservation, Ranger Srinath Dissanayake of the Hakgala Wildlife Range shared recent cases on leopard deaths and rescue operations recorded in 2025. He emphasized on personal observations, importance of timely intervention, and strong collaboration between field officers and the Police to mitigate human–wildlife conflict and prevent avoidable losses.

An interactive discussion followed, allowing officers to raise questions, clarify procedures, and exchange experiences while sharing their feedback as well. This dialogue contributed to reinforcing the value of strategic engagement between the Police, the Department of Wildlife Conservation, and conservation partners while strengthening inter-agency understanding and highlighting the need for coordinated responses during leopard-related incidents.

The session commenced with opening remarks by WNPS President Graham Marshall, who expressed appreciation for the participation of the Sri Lanka Police and reiterated the critical role of law enforcement in safeguarding biodiversity beyond protected areas.

WNPS Past President and WNPS LOLC Project Head Spencer Manuelpillai, Project Coordinator Gihani Hettiarachchi, Regional Center Coordinators, Thilanka Dissanayake and Attorney-at-Law Malaka Palliyaguruge were also present as part of the WNPS team.

WNPS extends its sincere appreciation to all officers who participated for their commitment and active engagement. Supported by LOLC, these initiatives form part of a broader effort to strengthen practical conservation through collaboration, knowledge sharing, and effective enforcement in Sri Lanka’s Hill Country.

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Mangala Tex marks expansion with new Kurunegala Branch

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Fashion retail leader Mangala Tex celebrated the grand opening of its newest branch in Kurunegala on Saturday, March 14, 2026, adding a vibrant new dimension to the city’s commercial landscape.

Since its inception, Mangala Tex has been synonymous with style, durability, and quality, earning a lasting reputation as a premier clothing retailer. Guided by the visionary leadership of Chairman Ronald Nimal Hope, the brand has successfully established a strong presence with thriving outlets in Yatinuwara Veediya, Kandy, Cross Street, Kandy, and Peradeniya, Kandy.

The Kurunegala expansion marks a significant milestone in the company’s growth, bringing its signature fashion offerings closer to a wider customer base. True to its slogan, “Let Your Clothing Do The Talking,” the new store features an extensive range of apparel catering to all age groups, blending contemporary style with durable, high-quality fabrics.

Shoppers at the Kurunegala branch are greeted by a welcoming atmosphere and attentive staff, which long-time customers cite as key reasons for their loyalty. The store’s combination of trendy designs, reliable quality, and customer-centric service continues to set it apart in Sri Lanka’s competitive fashion retail sector.

Mangala Tex now employs more than 120 staff members across its branches, remaining a proudly family-driven enterprise alongside Managing Director Pahan Dissanayaka and Directress M M G P Dissanayaka.

With the official opening in Kurunegala, Mangala Tex demonstrates that consistent quality, style, and service can drive sustained growth, expanding the brand’s reach to new communities while reinforcing its status as a trusted name in Sri Lankan fashion.

Text and Pix by SK Samaranayake

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Sampath Bank Champions SME Women Entrepreneurs Through the ‘Unstoppable Woman’ Programme

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From Left; Anjali Goonetilake, Chief Manager – Marketing, Sampath Bank; Aroshi Nanayakkara, Independent Non-Executive Director, Sampath Bank; Chamila Bandara, Chamila Bandara, Group Management Committee Member – Hayleys Advantis,?Director Advantis Express Pvt Ltd, Licensee Federal Express Corporation for Sri Lanka & Maldives, Director – IML Delivery Systems Pvt Ltd?representing Citypak; Ramani Fernando, Director and CEO, Ramani Fernando Salons; Shea Wickramasinghe, Group Managing Director, CBL Group; Deepal De Silva, Chief Operating Officer, Sampath Bank; Keshini Jayawardena, Independent Non-Executive Director, Sampath Bank; Asanka Liyanage, DGM – Consumer & SME Banking, Sampath Bank

In recognition of International Women’s Day 2026, Sampath Bank hosted its Entrepreneur Development Programme under the theme ‘Unstoppable Woman’, bringing together SME women entrepreneurs for an evening centred on knowledge sharing, inspiration and practical business insights. Held at the Cinnamon Grand Colombo, the event welcomed over 100 participants alongside members of the Bank’s Board and Corporate Management, creating a platform for meaningful dialogue on entrepreneurship, resilience and sustainable business growth.

Independent Non-Executive Director and Board Marketing Committee Chair at Sampath Bank Aroshi Nanayakkara said the Bank’s annual International Women’s Day initiative reflects a deeper commitment to empowering women within Sri Lanka’s entrepreneurial ecosystem.

The event featured a distinguished line-up of speakers who shared perspectives drawn from their professional journeys including renowned entrepreneur Ramani Fernando, Shea Wickramasingha, Group Managing Director, CBL Group, Chamila Bandara, Group Management Committee Member – Hayleys Advantis, and Asanka Liyanage, DGM – Consumer & SME Banking, Sampath Bank PLC.

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